Michael Saunders to replace Martin Weale on the Bank of England's MPC

 
Jessica Morris
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Veteran Citibank economist Michael Saunders will replace Martin Weale on the Bank of England's rate-setting committee.

Saunders will step into Weale's role as an "external member" on the nine-strong panel when he leaves the central bank on 9 August.

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Saunders recently said he thinks that the inflation rate could start to creep up soon.

In a note yesterday, Saunders wrote: "Going forward, the inflation outlook will rest heavily on how the mix of Brexit uncertainties and currency movements plays outs."

"However, the period of extreme low-flation probably is coming to an end unless sterling regains all the lost ground of recent months and commodity prices slide again," Saunders added.

Chancellor George Osborne said: "Michael brings a wealth of economic experience both on the UK and global economy and will make a strong addition to the MPC."

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Mark Carney, governor of the Bank of England, added: "On behalf of the Bank of England, I am delighted to welcome Michael Saunders to the MPC. He brings first-rate knowledge of the UK economy and a wealth of economic and financial experience."

"I would also like to take this opportunity to thank Martin Weale for the exceptional contribution he has made to the work of the MPC over the past six years."

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